更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 江苏金租 原文 20240712_ 2024年07月14日11:40 发言人 00:00 出现了一些重要的点。我们在这个因为是深入的汇报，然后我们分别在一种框架性，从行业到 这个公司的一些基本面，然后再再到优势等等，做了一个比较系统的深入的汇报。这个也是在 七月份，给大家我们做了一个系列，就是各个系列的工作汇报，然后希望大家能够支持。 发言人 00:30 首先，这家公司，从今年以来的业绩表现来看，在首先是一季度的业绩，首先较去年的高低数 据下，其实增速是略有放缓。这个其实是一个，非常正常的现象。因为在整体银行业信用下沉 以及实体经济恢复可能较慢的一个背景之下，这个公司这个业绩的增速有一定的放缓，这个是 比较正常。但是公司也是一个维持稳定的一个态度。因为整体上像我们这种类银行的这样一个 商业模式，其实本质上就是一个放贷款，只不过租赁行业的这个贷款物抵押物，它是这个设备。 整体上这个公司今年以来的这个状态维持一个谨慎的这样一个原则。整体上这个资产投放就是 相较于以往的工作有所下行，其实反映了公司管理层对这个投放的一个谨慎的一个态度。 发言人 01:38 ...

Financial Data and Key Metrics Changes - The company expects a revenue growth of 17% to 27% year-on-year for Q2 2024, with net profit growth anticipated between 12% to 27% [2] - The non-deductible net profit growth is expected to be weaker compared to revenue growth, with a decline in net profit margin noted [3][4] - The second quarter's stock option incentive costs were approximately 25.1 million, compared to over 7 million in the same period last year, impacting net profit growth [5] Business Line Data and Key Metrics Changes - Sales expenses increased by over 10 million quarter-on-quarter, attributed to promotional activities and events [7][8] - The company has implemented a total cost leadership strategy, which is expected to offset any price declines in certain channels [10] Market Data and Key Metrics Changes - The company has adjusted the retail price of certain products, such as quail eggs, by approximately 12% to 15% to remain competitive [24][25] - The company is focusing on both mid-range and high-end market segments to capture different consumer demographics [24] Company Strategy and Development Direction - The company is committed to a total cost leadership strategy, aiming to provide consumers with safe, delicious, and healthy snacks at competitive prices [24] - The company is enhancing its brand building efforts while maintaining a focus on cost efficiency and market competitiveness [28][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to maintain stable growth in the e-commerce sector, particularly on platforms like Douyin [76][77] - The company plans to continue investing in brand building and marketing to prepare for future growth [91] Other Important Information - The company announced a mid-term dividend plan and a share buyback plan to boost investor confidence [2] - The company has a robust cash flow and plans to maintain a high dividend payout ratio in the future [80][82] Q&A Session All Questions and Answers Question: Can you elaborate on the weaker growth in non-deductible net profit compared to revenue? - Management explained that the increase in stock option incentive costs significantly impacted the net profit growth, but adjusting for this would show a healthier growth rate [5][51] Question: What are the plans for brand building and marketing expenses in the second half of the year? - Management indicated that brand investment will continue, with potential increases in spending if performance exceeds expectations [91] Question: How does the company plan to maintain its competitive edge in the market? - Management emphasized the importance of organizational efficiency and continuous talent acquisition to enhance operational capabilities [86][89]

Financial Data and Key Metrics Changes - In Q2, the smartphone shipment volume was 8 million units per month, totaling 24 million units for the quarter, slightly below the previous expectation of 25 million units and down 11% from Q1's 27 million units [1] - The annual smartphone shipment forecast has been revised down to 110 million units, compared to a more optimistic market expectation of 120 million units [1] Business Line Data and Key Metrics Changes - The gross margin in Q2 decreased compared to Q1, primarily due to rising upstream storage costs, which account for approximately 17% of operating costs and about 12% of revenue [1] - The impact of Qualcomm's patent fees is relatively minor compared to raw material price increases and currency exchange, with expected liabilities of 3.323 billion yuan [1] Market Data and Key Metrics Changes - Market share in emerging markets is stabilizing, with Africa at over 40%, Pakistan at over 40%, and Bangladesh at around 30%. India has a growth potential of 7-8%, while South America is still in the early stages of market development [1] - The gross margin in Africa is the highest at 27%-30%, while margins in South Asia (Bangladesh and Pakistan) have improved to around 25% [2] Company Strategy and Development Direction - The company is focusing on expanding its product categories, with a strategic emphasis on household storage solutions in Africa, leveraging local conditions such as abundant sunlight and low electricity coverage [3] - The company is also exploring partnerships for overseas factory setups while maintaining a relatively asset-light model [3] Management Comments on Operating Environment and Future Outlook - Management noted that the overall operating environment remains challenging, with potential price wars in H2 if competitors like Samsung and Xiaomi do not lower prices [1] - The company is maintaining a stable dividend payout ratio of around 80% due to the absence of major capital expenditure plans [2] Other Important Information - The company has maintained a healthy level of raw material inventory, with inventory turnover days increasing from 63 days in Q4 2023 to 73 days in Q1 2024 due to stockpiling in response to rising raw material prices [2] - The company plans to keep R&D expenses at around 3% of revenue while managing sales and administrative expenses effectively [2] Q&A Session Summary Question: Current raw material inventory levels? - The company maintains normal levels of raw material inventory, with a slight increase in turnover days due to stockpiling [2] Question: Progress on AI initiatives? - The company is likely to adopt a hybrid model for AI, focusing on localized applications rather than significant hardware upgrades [2] Question: What is the expected dividend payout ratio? - The company aims to maintain the dividend payout ratio at around 80% [2] Question: Outlook for expense growth? - Sales expenses are expected to remain stable, while management expenses will benefit from scale advantages [2] Question: Gross margin by market? - The gross margin in Africa is the highest, while margins in South Asia are improving [2] Question: Channel inventory levels? - Channel inventory levels are normal, with a slight increase expected due to new product launches [3] Question: Status of expanding product categories? - The company is prioritizing the expansion of product categories and has hired professionals for this initiative [3] Question: Sales personnel count? - The company has a total of 16,000 employees, with half in overseas sales roles [3] Question: Competitors' channel strategies in Africa? - The company has a strong presence in lower-tier cities, which is a competitive advantage over Samsung and others [3]

国医盛视 | 300+云端见之【赛诺医疗】交流会 · 公司主要从事血管介入业务，涵盖冠脉介入、神经介入以及结构 性心脏病产品。公司未来计划在外周血管介入领域进行探索。 · 2023 年公司收入显著增长，亏损大幅减少。外周和神经介入业 务齐头并进，2024 年一季度和二季度收入均有增长。公司已走出最 困难时期，恢复到稳定和快速发展的轨道。 · 临床医生对该产品评价较高，认为其在临床效果和患者获益方面 表现优异。公司在去年已开始向经销商和客户推介该产品，市场反 应积极。 · 公司在去年取得了多个海外国家的产品注册证，并计划在东南 亚、中亚、北非等地区拓展业务。2023 年上半年海外销售收入有望 实现较大增长。 6、密网支架研发进展 1、公司基本情况 2、财务与业务表现 · 公司的药物洗脱支架在三月份完成临床试验审批和公示，五月份 提交了注册申请。目前正在注册过程中，预计八月份将进行专家评 审会，之后将根据专家意见进行审批。 · 公司在全球化拓展方面面临挑战，尤其是在欧美市场。赛诺医疗 计划通过欧盟 CP 认证，并在国内外同步推动神经介入产品的临床研 究和商业化。 · 自膨支架作为创新产品，定价尚未确定，但公司希望 ...

全文摘要 海光信息公司是一家专注于高性能计算解决方案的企业,成功获得 AMD 授权并推出了一系列服务器和工作站 CPU 产品。该公司 DCU 产品基于国际主流 GPU 架构,已成功应用于多个项目,展示了高度的兼容性、生态扩展能力和 高性能。凭借与 Arm 的授权合作,海光的 DCU 能够全面兼容 RollCOM GPU 计算生态,并支持广泛的国际主流软 件,适合大规模模型训练和预测任务。此外,海光 CPU 产品线涵盖了 3000、5000、7000 系列,尤其在高端 7000 系列方面具有显著的毛利率优势。公司自 2016 年以来,经历了五代产品的迭代开发,实现了营业收入和净 利润的大幅增长。在面对供应链挑战时,海光公司维持了较高的研发投入,并通过国内信创市场的快速发展占领了 一席之地。展望未来,海光公司预计将继续扩大其在服务器市场及 CPU 应用领域的市场份额,特别是在移动工作 站和 DCU 领域显示出强劲的增长潜力。 海光信息公司技术进展与市场表现汇报 海光信息公司已获得 AMD 授权,在服务器市场取得一定份额,并推出工作站 CPU 产品。其 DCU 产品采用国际主 流 GPU 路线,已有深算一号和二号商 ...

发言人1 00:00 尊敬的各位投资者朋友及线上的各位老师，大家下午好。我是水晶光电的董事会秘书韩丽。首先请允许 据我介绍,本次出席活动的嘉宾有我们的林明董事长,董事兼总经理王振宇先生,董事兼副总经理刘春 雷先生,董事兼副总经理李夏云女士,副总经理兼财务总监郑平女士。同时出席本次活动的还有我们的 四大官媒证券时报、证券日报、中国证券报，集中上海证券报的各位记者朋友们。 注公众号/知识星球：股市调 上 发言人2 01:51 下面正式的进入本次会议的重要议程。本次会议主要就昨天晚上公告的两项议程，向各位投资者朋友及 各位老师做汇报。首先是第一项议程，关于24年水平光电上半年业绩预告信息。根据昨天晚上的公 告,我们24年上半年净利润预计4到4.5亿,同比增速125.45%到153.64%。上半年扣非净利润预 计3.8到4.2亿元，同比增速240% 3点47到百分之279.62。上半年基本每股收益预计0.29到0.32元每股，同 比增加0.16到0.19元每股。 发言人1 00:26 关于上半年的预报,我们觉得有三点信息非常想与各位朋友做分享。一点即2024年一季度收入利润扣非 利润EPS创历史新高之后, 2024年 ...

Financial Data and Key Indicators Changes - In the first half of 2024, the company achieved a coal production of 163.2 million tons, a year-on-year increase of 1.6% [5] - The sales volume reached 229.7 million tons, up 5.4% year-on-year [5] - Total power generation was 104 billion kWh, reflecting a year-on-year growth of 3.8% [6] - The net profit attributable to shareholders is estimated to be between 28.6 billion to 30.6 billion yuan, a year-on-year decrease of 8.1% to 14.1% [6] - Under international financial reporting standards, the expected net profit is between 31.8 billion to 33.8 billion yuan, a decline of 8.4% to 13.8% [6] Business Line Data and Key Indicators Changes - The coal production and sales have shown stable growth, with production increasing by 1.6% and sales by 5.4% [5] - The power generation segment saw a slight increase in output, with a year-on-year growth of approximately 1.9% [16] - The average selling price of electricity has decreased, with a preliminary estimate of a decline of about 0.01 yuan [19] Market Data and Key Indicators Changes - The national electricity consumption increased by approximately 8% in the first half of the year, but the growth in thermal power generation was lower, around 2% to 3% [17] - The average selling price of coal in the first half of the year showed a downward trend, with prices fluctuating around 70 yuan per ton [26] Company Strategy and Development Direction and Industry Competition - The company aims to maintain a high level of shareholder returns and has committed to a dividend payout ratio of no less than 60% of distributable profits [13] - The management emphasized the importance of integrated operations to enhance resilience against market fluctuations and to improve profitability [23] - The company is focusing on optimizing its coal and power generation operations to adapt to changing market conditions and regulatory environments [41] Management's Comments on Operating Environment and Future Outlook - The management acknowledged the challenges posed by fluctuating coal prices and the impact of renewable energy on thermal power generation [20] - There is an expectation of a continued decline in electricity prices due to increased competition and changes in supply-demand dynamics [20] - The management remains optimistic about the company's ability to navigate market changes and maintain stable performance [39] Other Important Information - The company has been recognized for its ESG performance, ranking 13th among the top 100 ESG companies in China [52] - The company is committed to sustainable development and aims to enhance its operational efficiency through technological advancements [23] Q&A Session All Questions and Answers Question: Regarding shareholder returns and dividend policy - The management confirmed that the company has consistently maintained a high level of dividends, with a recent payout exceeding 5.5% in A-shares [11] - Future dividend strategies will continue to align with the company's sustainable high return policy, taking into account operational performance and capital expenditures [12][14] Question: Inquiry about electricity prices in the second quarter - The management indicated that the average selling price of electricity has decreased, and they expect this trend to continue in the coming quarters [19][20] - The overall power generation and sales outlook for the second half of the year is cautiously optimistic, with expectations of some recovery compared to the first half [20] Question: Inquiry about coal prices and market trends - The management noted that coal prices have shown a downward trend in the first half of the year but expect a more stable outlook in the second half due to economic recovery and demand growth [27][28] - The company anticipates that coal prices will stabilize within a range of 700 to 900 yuan in the medium to long term, influenced by various market factors [46][47]

第31个方面的话,我们来看的话,其实我们还有一个在在我们说窗口上面的一个业务的布局。中国天津 有一个专门的团队是从事外事的团队，有机会我们投资者假如来到北京的话,去到亮马桥外交公寓 的B区可能会看到亮马桥外交公寓这个B区它是一个别墅区,里面是各国国家的一个实不管其中在这个里 面就有一栋小别墅,是我们中国天银的北京办事处。那您这个门牌上面也会看得到,就是整个一圈都是 各国的使馆，然后中间有个牌子叫中国电影北京办事处。那我们这个办事处的团队主要从事外事业 务，主要跟使馆进行打交道。一个方面是外国驻中国的使馆,还有一个方面是中国驻这些国家的使馆。 我们这个团队的主要的人员,应该说不是主要人员,除了有一个服务人员,其他都是来自于外交部,其 他都来自于外交部。所以我想这一块也是一个很好的一个基础在里面。懂。 你比如说我们在宁夏的固原,我们有这个垃圾发电厂,同时也有我们的这个环卫项目,包括像陕西也是 一样的，包括在延吉也是一样的，都是类似的情况。就是相对来说基本上是跟我们的产业配套来进行捆 发言人3 38:43 新能源的进展。 大家好,如需提问电话端的参会者,请向话机上的星号键再按数字一,网络端的参会者,您可以在直播 间 ...

证券研究报告·公司点评报告·电池 天赐材料（002709） 2024H1 业绩预告点评：电解液盈利触底 2024年 07月 11日 买入（维持） 证券分析师 曾朵红 [Table_EPS] 执业证书：S0600516080001 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 021-60199793 营业总收入（百万元） 22317 15405 14032 17977 22445 zengdh@dwzq.com.cn 同比（%） 101.22 (30.97) (8.91) 28.12 24.85 证券分析师 阮巧燕 归母净利润（百万元） 5,714.44 1,890.62 606.91 1,504.88 2,260.49 执业证书：S0600517120002 同比（%） 158.77 (66.92) (67.90) 147.96 50.21 021-60199793 ruanqy@dwzq.com.cn EPS-最新摊薄（元/股） 2.98 0.99 0.32 0.78 1.18 研究助理 孙瀚博 P/E（现价&最新摊薄） 5.32 16.08 50.08 20.20 13.4 ...

Financial Data and Key Indicator Changes - In H1 2024, the company's revenue was 8.98 billion yuan, a year-on-year decrease of 11.56%, while the net profit attributable to shareholders was 712 million yuan, down 21.06% year-on-year [5] - In Q2 2024, revenue was 4.13 billion yuan, a year-on-year decline of 18.52%, and net profit attributable to shareholders was 277 million yuan, down 28.93% year-on-year [6] - The main business profit in H1 2024 decreased by 4.52% year-on-year, with significant impacts from investment income and non-operating factors [5][6] Business Line Data and Key Indicator Changes - The company's main business profit in H1 2024 was 374 million yuan after excluding non-recurring gains and losses, reflecting a decline of 4.52% year-on-year [5] - The company has initiated a discount and fresh food new business model, with the first store opening on May 28, 2024, achieving sales five times higher than traditional models on the opening day [6] Market Data and Key Indicator Changes - The retail environment has been under pressure, leading to a decline in performance, prompting the company to launch promotional activities such as home appliance and department store festivals since June [6] Company Strategy and Development Direction and Industry Competition - The company is focusing on optimizing offline stores and enhancing cost control and efficiency, with a clear strategy to transform its supermarket business towards a discount model [6] - The company maintains a strong market position and emphasizes regular cash dividends, highlighting its high dividend value [7] Management's Comments on Operating Environment and Future Outlook - Management noted that the performance decline in Q2 2024 was primarily due to high base effects from the previous year, particularly from the listing of a subsidiary and increased provisioning in H2 2023 [6] - The company expects performance to improve in the second half of 2024 as the high base effect from investment income dissipates [7] Other Important Information - The company has a clear plan for revenue growth, projecting net profits of 1.375 billion yuan, 1.505 billion yuan, and 1.650 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 6.3, 5.8, and 5.3 [7] Q&A Session All Questions and Answers Question: What are the main factors affecting the company's performance in Q2 2024? - The decline in performance was attributed to high base effects from the previous year, particularly due to the listing of a subsidiary and increased provisioning in H2 2023 [6] Question: How is the company addressing the challenges in the retail environment? - The company has launched several promotional activities and is transforming its supermarket business towards a discount model to adapt to the challenging retail environment [6]